Auction Rules

A tender collects sealed offers over a submission window and is decided when it closes. A live auction runs in real time, with bidders raising the leading price in steps until the phase clock expires. The organizer selects the format when creating the lot.

• Floor — the seller’s reserve. Bids below the floor do not qualify.
• Ceiling — an optional cap; a bid reaching it may close the lot at that price.
• Step — the minimum increment a new bid must add over the current leader.

All three are set by the organizer and displayed before bidding opens. See Reserve Pricing for detail.

Only participants whose documents have been approved for a lot may bid on it. Enrolment and document review must be completed before the auction opens; clearance is at the organizer’s and WoodBid’s discretion in line with the verification process.

An organizer may divide an auction into phases. Each phase has its own duration, and only the top N bidders advance to the next round. The final phase determines the winner. Phase parameters are fixed once the auction opens.

Every bid is a firm, irrevocable offer for the duration of the auction. Bids cannot be retracted. The highest qualifying bid at the close of the final phase wins.

The winner and a set number of standby bidders remain bound to the result after close. Settlement includes two forfeit gates — signing the contract and paying the prepayment within their windows. Missing a gate forfeits the win, which is then promoted to the next ranked bidder automatically.

By default, competing bidder identities are anonymous in the live room. The organizer may choose to reveal identities. A participant’s own bids are always visible to them, and the organizer always sees the full ranked field.

Bid manipulation, collusion, and misrepresentation are prohibited and may result in disqualification, account suspension and forfeiture under the Terms of Service. WoodBid may void a result obtained in breach of these Rules.